When Premier League champions Manchester City announced a new partnership with a relatively unknown crypto startup, 3Key, questions were raised by the UK media and City subsequently halted the link.
Many of the questions raised over the deal were around the lack of information in the open about the crypto firm, which is a DeFi trading analysis and advisory platform.
Furthermore, in spite of a regional partnership being announced by the pair, no specific region was mapped out and numerous details over the collaboration were unclear.
Just days later, City issued the following statement: ”Prompted by the club’s interactions with 3Key Technologies in recent days, Manchester City is now conducting further enquiries regarding 3Key Technologies and the partnership has been suspended pending satisfactory resolution to all of those inquiries.”
Fuelled by the growth of NFTs, the digital currency sector and sports clubs have become increasingly intertwined in recent months, with partnerships between the two flourishing.
That being said, the latest episode between City and 3Key raises questions over the future for such partnerships, with the emphasis on clubs to take a closer scrutiny over the firms they partner with.
It follows a monumental deal that saw Crypto.com land the naming rights to the home of the LA Lakers, which was formerly known as the Staples Center.
The lucrative deal, reportedly worth around $700 million, underlines that sporting partnerships continue to represent a fruitful venture for firms in digital currency to accelerate their growth.